Core Insights - The national service production index in July increased by 5.8% year-on-year [1] - The information transmission, software and IT services, financial services, and leasing and business services sectors saw production index growth of 11.9%, 8.7%, and 8.0% respectively, outpacing the overall service production index by 6.1, 2.9, and 2.2 percentage points [1] - From January to July, the national service production index grew by 5.9% year-on-year [1] Industry Performance - For the first half of the year, revenue from large-scale service enterprises increased by 7.5% year-on-year [1] - The service business activity index for July was recorded at 50.0%, while the business activity expectation index was at 56.6% [1] - Specific sectors such as railway transport, air transport, postal services, and cultural and sports entertainment had business activity indices above 60.0%, indicating a high level of economic activity [1]

Core Viewpoint - In April, China's economy demonstrated resilience and stability in the face of external shocks and internal challenges, supported by proactive macroeconomic policies that fostered steady growth in production and demand, as well as overall employment stability [1]. Economic Indicators - The industrial added value for large-scale enterprises increased by 6.1% year-on-year in April, while the service production index rose by 6.0% [2]. - The urban surveyed unemployment rate decreased by 0.1 percentage points compared to the previous month, indicating a stable employment situation [2]. Industrial Performance - The industrial sector maintained rapid growth, with the equipment manufacturing industry seeing a year-on-year increase of 9.8% in added value, contributing 55.9% to the growth of large-scale industry [2]. - The "Two New" policies and industrial upgrades have significantly supported this growth [2]. Foreign Trade - From January to April, China's total goods import and export volume increased by 2.4% year-on-year, accelerating by 1.1 percentage points compared to the first quarter [3]. - The diversification of foreign trade and expansion of trade with Belt and Road countries have been emphasized as key strategies [3]. Consumer Market - Retail sales of consumer goods grew by 4.7% year-on-year from January to April, with service retail sales increasing by 5.1% [4]. - Significant growth was observed in the sales of home appliances, cultural office supplies, and furniture, with increases of 38.8%, 33.5%, and 26.9% respectively in April [4]. New Consumption Trends - Online retail and instant retail have gained popularity, with physical goods online retail sales increasing by 5.8% year-on-year from January to April, outpacing overall retail growth [5]. - The government aims to enhance consumer capacity and promote healthy economic development through targeted consumption initiatives [5]. Investment Trends - Fixed asset investment (excluding rural households) reached 147,024 billion yuan, growing by 4.0% year-on-year, with high-tech industries showing significant investment growth [7]. - Notable increases in manufacturing sectors include a 38.9% rise in new energy vehicles and a 61.8% increase in lithium-ion battery production [7]. Industrial Development - The industrial sector is experiencing a trend towards high-end, intelligent, and green development, with new productive forces being cultivated [8]. - The government plans to continue expanding domestic demand and implementing policies to support industrial development and innovation [8].

Economic Overview - In April 2025, China's economy demonstrated resilience against external pressures, maintaining a stable growth trajectory despite increasing challenges [34][38] - The industrial production index for large-scale industries increased by 6.1% year-on-year, with 36 out of 41 major industries reporting growth [34][35] - The service sector also showed robust performance, with a production index growth of 6% in April [34] Industrial Performance - The value added in the equipment manufacturing sector rose by 9.8%, while high-tech manufacturing increased by 10% [10][37] - The digital product manufacturing sector experienced a significant growth of 10% in April, driven by advancements in "Artificial Intelligence+" [37] Consumer Market - The total retail sales of consumer goods reached 37,174 billion yuan, marking a year-on-year increase of 5.1% [19] - Sales of home appliances and cultural products surged, with year-on-year growth rates of 38.8% and 33.5% respectively [36] Investment Trends - From January to April, fixed asset investment (excluding rural households) totaled 147,024 billion yuan, reflecting a 4% year-on-year increase [21] - Investment in equipment acquisition grew by 18.2%, contributing 64.5% to overall investment growth [36] Trade and Employment - The total value of goods imports and exports reached 38,391 billion yuan in April, with a year-on-year growth of 5.6% [25] - The urban unemployment rate was recorded at 5.1% in April, a slight decrease from the previous month [33] Policy Impact - Recent macroeconomic policies have shown positive effects, supporting economic recovery and promoting industrial transformation [36][39] - The government has implemented measures such as lowering the reserve requirement ratio and establishing new financial tools to enhance liquidity and support project financing [39]

Core Viewpoint - The economic performance of Sichuan province is stable and improving, with a tax electricity index of 103.4, indicating sustained growth in various sectors, particularly in the service industry [1] Group 1: Economic Performance - In the first half of the year, sales revenue across primary, secondary, and tertiary industries showed varying degrees of growth, with the service sector leading at a 6.1% year-on-year increase [1] - The cultural, sports, and entertainment industry in Sichuan saw a remarkable sales revenue growth of 21.1%, driven by the commercialization of large international events like the Chengdu Universiade [1] Group 2: Key Growth Drivers - The integration of cultural tourism and digital economy is identified as a significant engine for growth in Sichuan's service industry, with emerging demands being effectively stimulated by international events [1] - The information transmission, software, and IT service sectors experienced a sales revenue increase of 22.2%, while scientific research and technical services grew by 17.3% [1] Group 3: Supportive Measures - The tax authority plans to leverage big data to implement tax and fee incentives, particularly focusing on supporting the development of the cultural and tourism sectors to further stimulate consumer demand [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - In July 2025, the national consumer price index (CPI) was flat year - on - year. Food prices decreased by 1.6%, non - food prices increased by 0.3%, consumer goods prices decreased by 0.4%, and service prices increased by 0.5%. From January to July, the average CPI decreased by 0.1% compared with the same period last year [5][51]. - In July 2025, the producer price index for industrial products (PPI) decreased by 3.6% year - on - year, and the purchasing price index for industrial producers decreased by 4.5%. From January to July, the average PPI decreased by 2.9% compared with the same period last year, and the purchasing price index for industrial producers decreased by 3.2% [5][58]. - As of the end of July 2025, China's gold reserves were 73.96 million ounces, an increase of 60,000 ounces from the end of June 2025, increasing for 9 consecutive months. It is expected that the central bank will continue to increase its gold holdings [6]. - As of the end of July 2025, China's foreign exchange reserves were $3.2922 trillion, a decrease of $25.2 billion or 0.76% from the end of June, remaining above $3.2 trillion for 20 consecutive months [6]. - In the first 7 months of this year, China's goods trade showed an upward trend. The total value of imports and exports was 25.7 trillion yuan, a year - on - year increase of 3.5%, and the growth rate was 0.6 percentage points faster than that in the first half of the year [6]. - In July 2025, the manufacturing purchasing managers' index (PMI) was 49.3%, down 0.4 percentage points from the previous month. The manufacturing industry's prosperity level declined seasonally and generally remained in a downward trend [6]. 3. Summary According to Relevant Catalogs National Economic Accounting - GDP quarterly year - on - year growth rates from Q1 2023 to Q2 2025 are presented. Different industries such as agriculture, forestry, animal husbandry and fishery, industry, construction, and services have their respective growth rate trends [8]. - The contribution rates of different industries to GDP growth from Q1 2023 to Q2 2025 are shown, including agriculture, forestry, animal husbandry and fishery, industry, construction, and various service - related industries [13]. Industry Industrial Growth Rate - The year - on - year growth rates of added value of major industries from May to June in the past two years are provided, including coal mining and washing, oil and gas extraction, and manufacturing industries [22]. Major Industrial Output - The output data of major industrial products from June 2024 to June 2025 are listed, including energy products, industrial raw materials, and finished products [24]. Industry Electricity Consumption - The year - on - year growth rates of electricity consumption of major industries from March 2024 to May 2025 are given, including agriculture, forestry, animal husbandry and fishery, mining, and manufacturing [33]. Industrial Enterprise Profits - From January to June 2025, the total profit of large - scale industrial enterprises was 3.4365 trillion yuan, a year - on - year decrease of 1.8%. The main industry profit situations vary, with some industries showing growth and others decline [36]. - From January to June 2025, the mining industry's profit was 429.41 billion yuan, a year - on - year decrease of 30.3%; the manufacturing industry's profit was 2.59006 trillion yuan, a year - on - year increase of 4.5%; the electricity, heat, gas and water production and supply industry's profit was 417.04 billion yuan, a year - on - year increase of 3.3% [41]. Industrial Enterprise Inventory - As of the end of May 2025, the finished product inventory of large - scale industrial enterprises was 6.65 trillion yuan, a year - on - year increase of 3.5%. The overall inventory is in a stage from passive replenishment to passive destocking [46]. Price Index CPI - In July 2025, the CPI was flat year - on - year. Food prices decreased, while non - food prices increased. The average CPI from January to July decreased by 0.1% compared with the same period last year [51]. - The year - on - year and month - on - month data of CPI sub - items from July 2024 to July 2025 are presented, including food, clothing, housing, and other categories [52]. PPI - In July 2025, the PPI decreased by 3.6% year - on - year, and the purchasing price index for industrial producers decreased by 4.5%. The average PPI from January to July decreased by 2.9% compared with the same period last year [58]. - The year - on - year data of PPI for major industries from July 2024 to July 2025 are provided, including production materials, living materials, and various mining and manufacturing industries [58][61]. - The year - on - year data of industrial producer purchasing prices from July 2024 to July 2025 are given, including fuel power, black metal materials, and other categories [62]. Main City Newly - Built Residential Prices - The year - on - year and month - on - month data of the price index of newly - built commercial residential buildings in 70 large and medium - sized cities from June 2015 to June 2025 are shown, including data for first - tier, second - tier, and third - tier cities [63][64][66].

Core Viewpoint - The service industry in Shaanxi Province is showing a stable and positive development trend, contributing significantly to the province's economic stability in the first half of the year [1]. Group 1: Service Industry Growth - The added value of the service industry in Shaanxi increased by 5.1% year-on-year in the first half of the year, indicating strong internal growth momentum [2]. - Traditional service sectors such as accommodation and catering, wholesale and retail, and transportation, storage, and postal services grew by 5.2%, 5.3%, and 5.4% respectively, reflecting a balanced growth pattern driven by rising disposable income and consumption upgrades [2]. - New consumption models, particularly during holidays and nighttime economies, have revitalized traditional service industries [2]. Group 2: Modern Service Industry as a Growth Engine - From January to May, the rental and business services sector saw a revenue increase of 17.8%, with business services growing by 18.1%, and scientific research and technical services growing by 12.8%, including a remarkable 46.9% growth in research and experimental development [3]. - Knowledge-intensive services are becoming the main driving force for growth, with high-value-added sectors like R&D and business services showing rapid growth [3]. - The significant growth in research and experimental development indicates ongoing technological innovation in Shaanxi, supporting industrial upgrades [3]. Group 3: Policy Support and Future Outlook - The growth of the service industry is supported by targeted policies from the provincial government, including financial support mechanisms and improvements in the business environment [4]. - The number of China-Europe freight trains (Xi'an) operating in the first half of the year reached 3,055, a year-on-year increase of 28.8%, enhancing Shaanxi's openness and providing new opportunities for high-quality service industry development [5]. - The future outlook for Shaanxi's service industry remains optimistic, with expectations of continued stable growth driven by policy benefits, expanding market demand, and increasing innovation [5].

Group 1 - Inner Mongolia Hongyi Supply Chain Co., Ltd. has been established with a registered capital of 5 million RMB, fully owned by Hongwei Investment (Qionghai) Co., Ltd. [1] - The legal representative of Inner Mongolia Hongyi Supply Chain Co., Ltd. is Wang Jie [1]. - The company operates in the rental and business services industry, specifically in comprehensive management services [2]. Group 2 - Hongwei Investment (Qionghai) Co., Ltd. holds 100% ownership of Inner Mongolia Hongyi Supply Chain Co., Ltd. [2]. - The business scope includes hazardous waste management, construction demolition (excluding blasting), gas management, and various sales including chemical products, non-metallic minerals, and photovoltaic equipment [2]. - The company is registered in Uhada District, Wuhai City, Inner Mongolia, with an indefinite business term starting from August 1, 2025 [2].

Economic Performance - The Hengqin Guangdong-Macao Deep Cooperation Zone achieved a GDP of 26.313 billion yuan in the first half of the year, with a year-on-year growth of 5.0% [1] - The secondary industry saw a decrease in added value by 34.0%, amounting to 2.466 billion yuan, while the tertiary industry increased by 12.1%, reaching 23.847 billion yuan [1] - The industrial added value above designated size declined by 9.7%, but the decline was narrowed by 13 percentage points compared to the first quarter [1] Sector Performance - The specialized equipment manufacturing industry grew by 31.6%, and high-tech manufacturing added value increased by 8.2% [1] - The service sector's added value of 23.847 billion yuan contributed 7.7 percentage points to GDP growth, with significant increases in wholesale and retail (27.3%), information transmission, software and IT services (21.9%), and leasing and business services (12.9%) [1] Consumer Market - The total retail sales of consumer goods reached 2.459 billion yuan, growing by 42.1%, with a notable increase in home appliances and audio-visual equipment retail sales by 171.7% [2] - Fixed asset investment decreased by 27.9%, but the decline was less severe than in the first quarter, with the secondary industry investment surging by 298.5% [2] - The total import and export volume reached 22.481 billion yuan, marking a significant year-on-year growth of 101.5% [2] Fiscal Performance - The general public budget revenue was 5.407 billion yuan, down by 3.0%, while expenditures increased by 20.4% to 7.801 billion yuan, with 69.2% allocated to livelihood spending [2] Foreign Investment - The number of Australian-funded entities in the cooperation zone reached 7,346, a year-on-year increase of 14.6%, accounting for 12.3% of all operating entities [3]

Economic Performance - Zhuhai's GDP for the first half of the year reached 224.365 billion yuan, with a year-on-year growth of 3.8% [1] - The primary industry added value was 3.004 billion yuan, growing by 3.7%; the secondary industry decreased by 1.3% to 91.755 billion yuan; the tertiary industry increased by 7.4% to 129.606 billion yuan [1] Industrial Growth - The industrial output value above designated size in Zhuhai grew by 5.5% year-on-year, with an increase of 0.7 percentage points compared to the first quarter [1] - The "4+3" industries saw an increase of 7.2%, with high-end equipment manufacturing, integrated circuits, new energy, and new generation information technology growing by 17.9%, 16.4%, 16.0%, and 15.2% respectively [1] Service Sector - The service sector's added value increased by 7.4%, with information transmission software and IT services growing by 12.1% and leasing and business services by 10.7% [2] - From January to May, the revenue of the service sector above designated size reached 69.681 billion yuan, a year-on-year increase of 10.7% [2] Consumer Market - The total retail sales of social consumer goods in Zhuhai reached 46.946 billion yuan, growing by 5.0% year-on-year [2] - Retail sales of daily necessities increased by 9.3%, with home appliances and audio-visual equipment sales growing by 40.9% and communication equipment by 131.9% [2] Foreign Trade - Zhuhai's total import and export volume reached 168.265 billion yuan, a year-on-year increase of 8.9%, marking a historical high for the same period [2] - Exports totaled 115.417 billion yuan, growing by 4.7%, while imports increased by 19.5% to 52.848 billion yuan [2] Investment Trends - Fixed asset investment in Zhuhai decreased by 38.4% year-on-year, with industrial investment down by 28.0% [3] - Industrial technological transformation investment grew by 10.3%, while infrastructure investment fell by 40.6% and real estate development investment decreased by 42.1% [3] Agricultural Developments - The primary industry saw a year-on-year growth of 4.9%, with fishery output valued at 5.072 billion yuan, accounting for 76.9% of the total agricultural output [3] - Notable projects include the establishment of the first modern marine ranch in the country and the launch of the world's first deep-sea aquaculture vessel [3]

Economic Overview - Shenzhen's GDP for the first half of 2025 reached 1832.226 billion yuan, with a year-on-year growth of 5.1% at constant prices [2] - The primary industry added value was 1.033 billion yuan, growing by 2.8%; the secondary industry added value was 650.556 billion yuan, growing by 3.3%; and the tertiary industry added value was 1180.637 billion yuan, growing by 6.1% [2] Industrial Production - The city's service industry added value was 1180.637 billion yuan, with a year-on-year growth of 6.1%, accelerating by 0.1 percentage points compared to the first quarter [3][4] - Key sectors such as finance, transportation, storage and postal services, and information transmission, software, and IT services grew by 10.9%, 9.0%, and 8.1% respectively [3][4] - From January to May, revenue from large-scale service enterprises increased by 8.4%, with notable growth in transportation, storage, and postal services at 12.3% [3][4] Fixed Asset Investment - Fixed asset investment in the city decreased by 10.9% year-on-year, with real estate development investment down by 15.1% [5] - Infrastructure investment grew by 7.7%, while industrial technology transformation investment surged by 47.1% [5] - Investment in information transmission, software, and IT services increased by 47.7% [6] Market Sales - The total retail sales of consumer goods reached 494.868 billion yuan, with a year-on-year growth of 3.5%, accelerating by 0.4 percentage points compared to the first quarter [7] - Retail sales of essential goods showed strong growth, with daily necessities and grain and oil products increasing by 10.7% and 9.1% respectively [7] - Online retail continued to grow, with sales through the internet increasing by 19.4% [7] Trade Performance - The total import and export volume was 2167.545 billion yuan, down by 1.1% year-on-year, but the decline was narrower by 1.7 percentage points compared to the first quarter [8] - Exports amounted to 1308.681 billion yuan, decreasing by 7.0%, while imports rose by 9.5% to 858.864 billion yuan [8] - High-tech product exports grew by 8.0% [8] Financial Sector - By the end of June, the balance of deposits in financial institutions (including foreign capital) was 14160.014 billion yuan, growing by 5.7% year-on-year [9] - The balance of loans in financial institutions (including foreign capital) was 9846.991 billion yuan, with a year-on-year growth of 3.5% [9] Consumer Prices - The consumer price index increased by 0.1% year-on-year, with food and tobacco prices rising by 0.5% and clothing prices by 1.3% [10] - Prices for transportation and communication decreased by 2.4%, while medical care prices rose by 1.2% [10]